ok, im trying to trade my car to a private party, however I'm financing it through a bank and still owe some money. How would I go about changing it to where the person im trading with would have to pay for it? Should the bank know how to do everything? is this a hard process? Will I get bad credit? TIA guyz and galz

 

The bank may or may not do it. Just be carefule you could be left responsible for the loan if you due a transfer and he stops paying. Best thing is for him to go in qualify for a loan and give you the money.

 

I dont think a bank will do it.. you need to have the title to do a trade.. You might want to find out what the person owes on the car they are trading to you. If they own it you might want to take out a loan to pay for your car and then do the trade.. you will have the title to yours and be able to do the trade... but you will still have to pay for the loan used to pay the balance on your car. if it sounds confusing.. pM me... i have some insight

 

You should both buyer and seller got to your bank and discuss it with bank personnel. I've done similar transactions a couple of times. The buyer pays the bank for the car - that money satisfies the remaining loan balance (hopefully) - The bank person digs up the title- you sign it over - you keep the remaining funds (if any). Or if you owe more than you sell it for, you have to come up with the rest of the dough.

This sort of deal is done all the time, it should be no big deal to your bank. Don't be a fool and try to keep the loan in your name, I think it's illegal anyway.